Senate Bill 1246 Summary

• Amends Section 33-107A, Idaho Code, to revise the Board of Education's optional retirement program for nonclassified staff and officers at Idaho's universities and state board of education.

• Allows vested members of the public employee retirement system hired on or after July 1, 1993, to make a one-time irrevocable election to remain in the public employee retirement system instead of the optional retirement program, with the election due within 60 days of hire or the act's effective date.

• Extends the one-time election option to nonclassified employees hired by the state board of education on or after July 1, 2024, who have previous credited service in the public employee retirement system of Idaho.

• Maintains institutional contribution rates of 9.35% of participant salary to designated insurance companies (minimum 5%) and 1.49% to the public employee retirement system until July 1, 2025.

• Declares an emergency and makes the act effective July 1, 2024.